Orascom Construction Industries (OCI) announced yesterday that its new construction joint venture, Arabian Sea Foundation (ASF), won its first construction contract worth $150 million (Dh550m).
The Abu Dhabi-based JV is in partnership with Hydra Commercial Investments, Sorouh Real Estate PJSC and Capital Investment.
The contract is for the enabling works of the Shams Abu Dhabi, Gate District towers project which is part of the Al Reem Island development. It was awarded by a Sorouh and Tameer Holdings Investments joint venture. The scope of work includes the piling and foundation works as well as the dewatering and excavation works for the real estate development. The Al Reem Island project is located in Abu Dhabi and is being developed by Sorouh.
The project was awarded through a bidding process and is expected for completion within 14 months.
OCI Chief Executive Nassef Sawiris said: "Only a few weeks after its establishment, the Arabian Sea Foundation has landed a milestone contract.
"ASF will continue to capitalize on the opportunities and growth potential in this specific construction space in light of the significant infrastructure and construction boom occurring in Abu Dhabi, the UAE and in the region," he said ASF was previously known as Emirates Foundation.